S&P has upgraded BankTuranAlem long-term counterparty and certificate of deposit ratings from B+ up to BB-, S&P informed. The outlook is stable. S&P also confirmed short-term counterparty and certificate of deposit ratings at B.
The new ratings reflect improvement of economic situation in Kazakhstan, better profitability of the bank and its low loan growth rate in 2002. S&P also pointed at increased involvement of new shareholders of the bank, including Raiffeisen Zentralbank Oesterreich and EBRD.
BankTuranAlem is the second biggest bank in Kazakhstan.